Canaccord Genuity on Life Sciences/Pharmaceutical: Catalysts to Push TEVA and IPXL Higher in 2H

August 23, 2012 9:17 AM EDT
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Price: $33.23 --0%

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Canaccord Genuity on Life Sciences/Pharmaceutical: Catalysts to Push TEVA and IPXL Higher in 2H

Analyst, Randall Stanicky, said, "While broader market strength has helped lift several stocks across our sector, potential for volatility remains as we head toward November elections amidst ongoing macro uncertainty. Thematically we remain focused on catalyst driven names. In that context, we see both BUY-rated Teva (Nasdaq: TEVA), with its December business update, and Impax Labs (Nasdaq: IPXL), with its potentially imminent manufacturing facility remediation and Rytary (IPX-066) PDUFA date as two stocks with notable H2 catalysts coming from separate ends of the cap spectrum.

TEVA (Buy-rated, PT $52) - Under-owned and December update under-appreciated: H2 2012 remains catalyst heavy, headlined by CEO Dr. Jeremy Levin providing an
anticipated December strategic business update. This is the single biggest catalyst for the stock and likely to accomplish three things that should help remove hurdles to institutional ownership...

IPXL (Buy-rated, PT $29) - The reason to own this stock has been pushed out yet is still very relevant and we believe approaching. There are three events we think can help push a move north of $25 against what still feels like solid SOTP driven downside protection. These H2 drivers include: (1) remediation of the warning letter (and resolving 483 observations), which isthe key event and could come at any time, (2) Adderall XR settlement with Shire (we still think H2 likely), and (3) Rytary (IPX-066) PDUFA date on October 21, 2012.

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